BofA Keeps Buy Rating on SK Hynix, Maintains $250 ADR Target

Bank of America maintained its buy rating on SK Hynix, according to ODaily on Aug. 27.

The firm also kept its $250 price target unchanged. SK Hynix's American depositary receipts fell 0.95% from the previous session to close at $158.02 that day.

Bank of America said a prolonged memory supply shortage would support strength in the semiconductor sector.

SK Hynix shares rose after Nvidia posted an earnings surprise. The stock closed 2.49% higher at 1.73 million won after climbing as high as 1.788 million won shortly after the open before paring some of its gains.